A Local Law to amend the administrative code of the city of New York, in relation to establishing a real property tax exemption for Cold War veterans

Summary

This local law would establish a real property tax exemption for Cold War veterans, defined as someone who served on active duty in the United States armed forces for some period between September 2, 1945 and December 26, 1991 and was honorably discharged or released. The exemption would apply to the veteran’s primary residence, or to the primary residence of the unremarried surviving spouse of the veteran, to the extent that the residence is being used for residential purposes. The exemption would be for 15 percent of the assessed value of the residential property, up to $39,000, and would last for 10 years. Cold War veterans who were disabled as a result of their service would be eligible for an additional exemption, up to $130,000.

Official summary of legislation · NYC Council